A Naperville apartment complex purchased for $38 million just seven years ago has been sold for $70 million.
The 272-unit Iroquois Club at 1101 Iroquois Ave., near Naper Boulevard and Ogden Avenue, was sold to TLC Management by Chicago-based Randolph Street Realty Capital and Origin Investments in a deal that closed in February.
Residents won’t see any changes as a result of the sale, said Adam Matyskiel, managing partner for Calibrate Property Management, an independent arm of Randolph Street Realty Capital.
“It was a fantastic building to be involved with,” he said. “I couldn’t see it to go a better owner and operator who will continue to invest in it and make it more appealing and enjoyable to reside there.”
The Iroquois Club was built as an apartment complex in 1989 but converted into condominiums in 2005, Matyskiel said. That effort was unsuccessful, however, with only 30 units sold by 2008, when housing sales were stalled by the recession.
“As people leave the more urban hubs and make their way out to the suburbs, there’s been quite a demand (this kind of housing) in the past year,” Matyskiel said.
TLC Management owns multiple apartment buildings with a total of about 6,500 units in Chicago and the suburbs, he said. Among the residential complexes they own are Dunton Tower in Arlington Heights, Prairie Winds and Maple Grove in Evanston.
The Iroquois Club is the second Naperville residential building sold by Randolph Street Realty Capital and Origin Investments in the last year. The 119 on Main apartment complex sold for more than $23 million last fall.
At the Iroquois, luxury one-bedroom, one-bath apartments have 705 square feet and the two-bedroom-two bath units are 950 square feet and rent for $1,412 to $1,937. They feature things like full-sized washers and dryers, cooking islands, quartz countertops, stainless steel appliances, glass showers and soaking tubs.
Complex amenities include a heated indoor/outdoor swimming pool with retractable roof, jogging and walking paths, sauna, planned social activities, community room with fireplace, billiards table and kitchen, outdoor gathering are with natural gas fire pit, 24/7 fitness center, picnic and barbecue area, and heated garage parking.
They’re in the process of adding a dog park, soccer field, package pickup lockers, pickleball courts, playground and community gardens.
When partners Randolph Street Realty Capital and Origin Investments purchased the building in 2015, they began buying back the condos, Matyskiel said. The last condo was purchased in 2018.
The $69.8 million sale price reflects the costs the two companies put into regaining the condos and renovating all of the apartments and the complex’s common areas, he said. The price they paid in 2015 also reflects the weaker demand at the time for multiunit residential buildings years, he said.
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